The House of Representatives on Tuesday approved contentious bills to revise the pension system, with the ruling coalition and the main opposition party endorsing a key amendment to the legislation.
The government-sponsored bills would see the rate of corporate employees' pension premiums rise gradually to 18.3 percent of their salaries from the current 13.58 percent over the next 14 years. Meanwhile, benefits would be slashed to 50.2 percent of income from 59.3 percent.
The benefit figures apply to salaried workers who have spouses without full-time jobs and have paid premiums for 40 years.
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